This is a rare chance to secure a multifamily development opportunity in one of Nanaimo’s most sought-after neighborhoods. Situated on a .77-acre lot overlooking Departure Bay and just steps from the beach, this property offers an exceptional opportunity for a low-risk, high-return legacy project. The rezoning process has been completed, with third reading and rezoning approval finalized. The project is now civil-ready, with plans for 13 modern, architecturally designed townhomes by renowned local architect Ian Nimath. This development is poised to be a standout addition to the area. Adding immediate value, the property currently includes a well-maintained 2,500 sq. ft. home with 7 bedrooms, configured as three separate rental units, providing income potential while you plan your next steps. The original developer has stepped away, presenting a unique opportunity for you to take the reins and bring this vision to life! (id:47421)
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Detailed Information
Bedrooms
7
Bathrooms
4
Features
Central location, Southern exposure, Other
Listing Contract Date
2025-01-20
Municipal ID
005-967-848
Ownership Type
Freehold
# of Parking Spaces
8
Plan
VIP5439
Property Type
Single Family
Structures
Patio(s)
Transaction Type
For sale
Views
Mountain view, Ocean view
Zoning Description
R1
Zoning
Residential
Building
Constructed Date
1947
Cooling Type
None
Fireplace Present
Yes
# of Fireplaces
1
Heating Fuel
Electric
Heating Type
Baseboard heaters, Radiant/Infra-red Heat
Total Finished Area
2527 sqft
Type
House
Rooms
Room
Level
Dimensions
Notes
Patio
Lower level
17'10 x 5'10
Mud room
Lower level
15'4 x 7'1
Bathroom
Lower level
3-Piece
Bedroom
Lower level
10'6 x 7'10
Bedroom
Lower level
10'11 x 9'0
Bedroom
Lower level
10'11 x 7'7
Kitchen
Lower level
16'5 x 11'3
Bathroom
Lower level
2-Piece
Kitchen
Lower level
7'6 x 4'0
Bedroom
Lower level
12'0 x 7'10
Ensuite
Main level
3-Piece
Bathroom
Main level
4-Piece
Primary Bedroom
Main level
17'6 x 12'3
Bedroom
Main level
14'5 x 9'0
Laundry room
Main level
4'4 x 3'11
Bedroom
Main level
10'1 x 7'9
Dining nook
Main level
11'6 x 6'9
Kitchen
Main level
11'6 x 8'5
Living room/Dining room
Main level
20'3 x 19'7
Land
Total Size
0.77 acres
Size of Irregular Land
0.77
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